First Mover
Korea Southern Power Co. (KOSPO) has set up a cooperation system with Papua New Guinea’s major public institutions to secure power projects in the nation.
KOSPO announced that it has signed a memorandum of understanding (MOU) with PNG Power Ltd. and PNG National Gas Corporation in Port Moresby, the capital of Papua New Guinea, on November 21 and 22.
Papua New Guinea is a small island state located in Oceania in the southwestern Pacific Ocean, with a territorial space double the size of South Korea and a population of seven million people. The nation has plenty of sunshine and natural resources, but it has been suffering from a severe electric power shortage with the total power generation capacity of 600MW, which is 0.6 percent of that in Korea.
With the latest agreement, KOSPO will promote diesel electric generation, gas generation, new renewable power generation projects in the short term and hydroelectric power projects in the medium and long term. Papua New Guinea, which is rich in natural resources, will supply fuels at low costs while KOSPO will invest and raise finance to carry forward with 600MW power generation business.
Moreover, the Korea's public energy firm agreed with the governor of the Central Province Government to develop the 600MW solar power plant and promote the agreement as soon as possible.
Meanwhile, KOSPO plans to complete the construction of a 517MW gas-fired, combined-cycle power plant and begin the construction of a 37.9MW solar power plant in Chile at the end of this year and begin the construction of a 49.5 MW wind power plant in Jordan next year. It is expanding new renewable energy projects at home and abroad in order to preemptively respond to the Paris Agreement on climate change.